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Are "Rockets and Feathers" Caused by Search or Informational Frictions
Bayer, Ralph-C; Ke, Changxia - Max-Planck-Institut für Steuerrecht und öffentliche … - 2011
Prices usually adjust much faster when costs increase than when costs decrease. The mechanism driving this "Rockets-and-Feathers" phenomenon is not well understood despite of ample empirical evidence for its existence. We use simple experimental markets with and without consumer search and...
Persistent link: https://www.econbiz.de/10010990353
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What is Bounded Rationality? Paper Prepared for the Dahlem Conference 1999
Selten, Reinhard - 2000
decision behavior (like learning and expectation formation), reasoning, and the connection between bounded rationality and …
Persistent link: https://www.econbiz.de/10014182701
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On the Behavior of Proposers in Ultimatum Games
Brenner, Thomas; Vriend, Nicolaas J. - 2003
-payoff-maximizing offer. Second, considering a range of learning theories (from optimal to boundedly rational), we explain that this is an … inherent feature of the learning task faced by the proposers, and we provide some insights into the actual learning behavior of …
Persistent link: https://www.econbiz.de/10014075019
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Sequential Decision Making : How Prior Choices Affect Subsequent Valuations
Ofek, Elie; Yildiz, Muhamet; Haruvy, Ernan - 2003
This paper develops and tests a model of sequential decision making where a first stage of ranking a set of alternatives is followed by a second stage of determining the value of these same alternatives. The model assumes a boundedly rational Bayesian decision maker who is uncertain about...
Persistent link: https://www.econbiz.de/10014101839
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On the Behavior of Proposers in Ultimatum Games
Brenner, T.; Vriend, N.J. - Volkswirtschaft Abteilung, Fachbereich … - 2003
offer. Second, considering a range of learning theories (from optimal to boundedly rational), we explain that this is an … inherent feature of the learning task faced by the proposers, and we provide some insights into the actual learning behavior of …
Persistent link: https://www.econbiz.de/10005765347
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On the Behavior of Proposers in Ultimatum Games
Brenner, Thomas; Vriend, Nicolaas J. - School of Economics and Finance, Queen Mary - 2003
-payoff-maximizing offer. Second, considering a range of learning theories (from optimal to boundedly rational), we explain that this is an … inherent feature of the learning task faced by the proposers, and we provide some insights into the actual learning behavior of …
Persistent link: https://www.econbiz.de/10005106297
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Rockets and Feathers in the Laboratory
Bayer, Ralph-C; Ke, Changxia - School of Economics, University of Adelaide - 2010
Consumers often complain that retail prices respond faster to increases in wholesale prices than to decreases. Despite many empirical studies confirming this 'Rockets-and-Feathers' phenomenon for different industries, the mechanism driving it is not well understood. In this paper, we show that,...
Persistent link: https://www.econbiz.de/10008672238
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Variety Aversion and Information Overload: An Experimental Approach
Kaiser, Karen - Banco de México - 2011
This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some...
Persistent link: https://www.econbiz.de/10009023315
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Explaining Price Dispersion and Dynamics in Laboratory Bertrand Markets
Bayer, Ralph-C; Wu, Hang; Chan, Mickey - School of Economics, University of Adelaide - 2013
This paper develops a quantal-response adaptive learning model which combines sellers' bounded rationality with … adaptive belief learning in order to explain price dispersion and dynamics in laboratory Bertrand markets with perfect … estimation suggests that when sellers have full past price information, the learning model explains price dispersion within …
Persistent link: https://www.econbiz.de/10011186675
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On the Behavior of Proposers in Ultimatum Games
Brenner, Thomas; Vriend, Nicolaas J. - Dipartimento di Economia e Management, Università … - 2003
-payoff-maximizing offer. Second, considering a range of learning theories (from optimal to boundedly rational), we explain that this is an … inherent feature of the learning task faced by the proposers, and we provide some insights into the actual learning behavior of …
Persistent link: https://www.econbiz.de/10005465213